The development is one of 10 projects in Scotland to be allocated a grant from the Fund, which has announced its latest investment of £2.1 billion across 111 areas of the UK.
The funding secured by Stirling will go towards the development of Ministry of Defence land at Forthside, which is to be transferred to the Council as part of the Stirling and Clackmannanshire City Region Deal and made ready as a major mixed use development site.
The 40 acre site will be re-generated to provide commercial space and attract new investment to Stirling by supporting high quality businesses and allowing already established businesses to develop and grow.
It will also unlock additional land for housing and leisure, promote active travel and increase footfall in the city centre by bringing more people to live and work in the area.
Stirling Council leader Chris Kane said: “Securing this substantial funding for the development at Forthside is fantastic news for Stirling and the wider economy.
“The funding will enable the transformation of a key area close to the city centre and major transport links, unlocking opportunities for local businesses and inward investment that haven’t been seen in Stirling for a generation.
“Regenerating this prime underutilised site is expected to create 1,000 additional jobs and deliver enhanced sustainable transport connections between the city centre, our communities and the wider region.
“This major funding boost also supports the delivery of the Stirling and Clackmannanshire City Region Deal by providing attractive space for business growth and builds on the significant success of Kildean Business Park, headlined by M&G’s investment of over £20m in new office accommodation.
“On behalf of the Council, I would like to congratulate everyone involved in attracting this vital investment. This is a great example of what can be achieved through collaborative working and we look forward to advancing this exciting project.”